Collaborative Generation of Ontology on a Blockchain

1. A system for secure collaborative generation of an ontological databank on a blockchain, wherein the system comprises: the blockchain communicably coupled to a first client device and a third client device through a data communication network; and a processor that causes the blockchain to: receive an upload transaction from an information contributor via the first client device, wherein the upload transaction comprises information pertaining to the ontological databank; defer an execution of the upload transaction; determine an availability of an approval transaction at the end of the ledger cycle, wherein the approval transaction is appended to the blockchain based on an approval of the information pertaining to the ontological databank, wherein the approval transaction is appended to the blockchain by an approver via the third client device; execute, responsive to determination of availability of the approval transaction on the blockchain, the upload transaction, wherein execution of the upload transaction results in a modification of the ontological databank.

2. The system of claim 1 , wherein the ontological databank is stored in a data structure repository of an initial smart contract of the blockchain.

3. The system of claim 1 , wherein the ontological databank is stored in a distributed file storage system communicably coupled to the blockchain.

4. The system of claim 1 , wherein the ontological databank is hierarchical in nature.

5. The system of claim 1 wherein the information pertaining to the ontological databank includes a concept or a relationship between concepts.

6. The system of claim 1 , wherein the modification of the ontological databank includes addition to, or deletion of one or more nodes or one or more relationships in the ontological databank.

7. A method for secure collaborative generation of an ontological databank on a blockchain, the method being implemented via a system, the system comprising the blockchain communicably coupled to a first client device and a third client device through a data communication network and a processor that causes the blockchain to perform the method, the method comprising: receiving an upload transaction from an information contributor via the first client device, wherein the upload transaction comprises information pertaining to the ontological databank; deferring an execution of the upload transaction; determining an availability of an approval transaction at the end of the ledger cycle, wherein the approval transaction is appended to the blockchain based on an approval of the information pertaining to the ontological databank, wherein the approval transaction is appended to the blockchain by an approver via the third client device; executing, responsive to determination of availability of the approval transaction on the blockchain, the upload transaction wherein execution of the upload transaction results in a modification of the ontological databank.

8. The method of claim 7 , wherein the ontological databank is stored in a data structure repository of an initial smart contract of the blockchain.

9. The method of claim 7 , wherein the ontological databank is stored in a distributed file storage system communicably coupled to the blockchain.

10. The method of claim 7 , wherein the ontological databank is hierarchical in nature.

11. The method of claim 7 , wherein the information pertaining to the ontological databank includes a concept or a relationship between concepts.

12. The method of claim 7 , wherein the modification of the ontological databank includes addition to, or deletion of one or more nodes or one or more relationships in the ontological databank.